USDCAD expecting a reversal

Trading2day @ XA Η υπηρεσία που ξεχωρίζει
September 15, 2016
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September 15, 2016

USDCAD is very close to the upper triangle boundary and is also forming a bearish wedge pattern (upward sloping wedge). Upper wedge boundary is at 1.3240-1.3250 and lower wedge boundary is at 1.3170. A break below the support will open the way for a full 100% retracement of the wedge targeting 1.3030.

usdcadusdcad2

Oscillators are in overbought levels and should soon start moving lower signaling a reversal for the pair. Unfortunately  I was not patient enough and shorted it at 1.3135 when I was supposed to be waiting and being patient. I will be looking to add to my short once the wedge is broken to have a better average price. 1.3250 is my line in the sand and the level where I would not want to see being broken on a daily basis.

Thank you for taking the time to catch up on my thinking.

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.
  • Malik Taleb

    1.3030 you say? This analysis is rubbish.

  • trading2day

    Constructive comments and dialogue that is respectful is expected. Rude comments will be deleted.

  • trading2day

    1.3033 right now and a fellow visitor only had the time to call my analysis rubbish….constructive and respectful comments please